Hotel Investment Partners (HIP), a major Southern European hotel platform owned by funds managed by Blackstone, has announced the acquisition of a new five-star hotel called Cascade Wellness Resort.
Located in Lagos, the asset was managed by ECS and Highgate Portugal and represents HIP's second holiday hotel in southern Portugal.
In line with its business strategy, HIP will make an additional investment to reposition and update the hotel, which currently comprises 164 rooms and apartments. Financial details were not disclosed.
HIP was founded in 2015 by Alejandro Hernández-Puértolas and Banco Sabadell and subsequently acquired by The Blackstone Group in 2017. Through subsequent purchases, the portfolio has grown to 72 hotels with a total of 21,241 rooms distributed between Spain, Greece, Italy and Portugal.
